The 5 Top-Performing TSX Stocks of 2023: Can They Keep Gaining?

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The TSX today remains near 52-week lows, with the market falling lower and lower after poor earnings both in Canada and the United States. But not every stock is a loser. In fact, there are quite a few big winners in 2023 so far.

That’s why today we’re going to be looking at the top five best-performing TSX stocks of this year so far. Ones that could potentially continue climbing well into 2024.

Cameco

First on our list of top five we have Cameco (TSX:CCO), with shares currently up about 59% as of writing. Cameco stock may come as a surprise on our top five list, but earnings don’t lie. And neither do investment returns.

Cameco stock is a major winner as the world shifts over to renewable energy. While we continue to seek out the best option, countries around the world have realized that perhaps nuclear power has been a clear solution all along. At least in the near and medium term.

This is why Cameco stock continues to do well, as the world’s largest publicly traded uranium producer. And with sanctions continuing on Russian uranium, it doesn’t look like the uranium provider will slow down anytime soon.

Fairfax Financial

Next up on our list we have Fairfax Financial Holdings (TSX:FFH). This company’s shares are currently up about 41% year to date, as of writing. Yet, it’s not simply for being an insurance and asset manager. No, the company is well run with a management team that is able to identify strong long-term investments. And this has been the case for years.

Fairfax stock has therefore not only provided a safe haven during trying times such as these. It has also seen a huge increase in investors wanting to put their cash into a place where it will grow as well. Especially after the recent purchase of a loan portfolio from Pacific Western Bank.

With investment in property and casualty insurance remaining strong no matter the market, Fairfax stock also doesn’t seem to be slowing down. So it’s yet another stock that should remain strong into 2024.

Parkland

It’s not just energy and insurance that’s seen growth, however. In fact, you might be surprised to learn that Parkland (TSX:PKI) has been growing as well as it has. After all, it’s a retailer with convenience stores across North America and internationally.

Yet shares of Parkland stock are currently up 37% year to date, as of writing. That’s a huge win, even as the company missed last quarter’s earnings estimates. Yet, it seems investors are far more positive about the increase in annual earnings.

Parkland stock now sees higher results for its 2023 adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) guidance of $1.8 billion to $1.85 billion. It now also expects $2 billion adjusted EBITDA by 2024. That’s a whole year earlier than anticipated. So definitely keep this one on your watchlist as well.

Shopify

Then, of course, there’s Shopify (TSX:SHOP). It certainly has had a turbulent past, but it looks like investors are ready to put that behind them. Especially as Shopify stock continues to focus on the future of growth – a return to the growth experienced in the past.

Shopify stock has ditched its logistics business, along with thousands of employees, unfortunately. However, this has put Shopify stock back in the black and ready to make more significant investment moves. This includes a focus on artificial intelligence operations both for its merchants, along with customers.

So with shares up 30% year to date, Shopify stock could indeed continue climbing. However, I wouldn’t exactly say it will be a smooth ride through 2024.

Constellation Software

Finally, we have Constellation Software (TSX:CSU), and if you’re looking for a smooth ride this could be the one to hop onto. Constellation stock has decades behind it of growth thanks to a strong management team. One that can identify the best software companies to purchase and refurbish, putting it back out onto the scene to rake in cash.

That cash is then used to buy more and more companies, creating more and more revenue. And Constellation stock is incredibly good at this. So much so, it has created a spin off company to do the same thing, but in Europe.

Shares of Constellation stock are up 24%, which certainly isn’t as much as the others on this list. However, you won’t find the huge dips that some of the others have had. So Constellation stock is another you should definitely pick up and hold for years.

The post The 5 Top-Performing TSX Stocks of 2023: Can They Keep Gaining? appeared first on The Motley Fool Canada.

Should You Invest $1,000 In Cameco?

Before you consider Cameco, you’ll want to hear this.

Our market-beating analyst team just revealed what they believe are the 5 best stocks for investors to buy in October 2023… and Cameco wasn’t on the list.

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See the 5 Stocks
* Returns as of 10/10/23

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Fool contributor Amy Legate-Wolfe has positions in Shopify. The Motley Fool has positions in and recommends Fairfax Financial and Shopify. The Motley Fool recommends Constellation Software. The Motley Fool has a disclosure policy.